基于公司治理结构的上市公司财务危机预警机制研究

Warning System on Financial Crisis of Listed Company Based on Corporate Governance

财务危机预警是为了在公司财务状况恶化之前发出预警信号,通过警源分析找出财务危机产生的原因,以便及时采取措施制止财务状况进一步恶化。以往基于财务指标建立的预测模型,存在的问题是,一方面难以深入剖析企业陷入财务危机的深层次原因;另一方面没有将财务预警系统的信息传递机制和预警分析机制规范化。从公司治理结构的视角出发,上市公司财务危机的分析,既要将股权结构、董事会结构、管理层这三个部分与财务危机的关系纳入财务危机预警机制,还要把财务危机预警分析的组织机制、公司治理结构信息与财务危机信息收集传递机制以及公司财务危机预警分析机制以制度的形式规范化,从而提高公司的治理水平。

Financial crisis warning is to cast warning signals before the financial situations deteriorate in a company. Through analyzing the warning source, we find out the causes of the financial crisis to stop further deterioration of financial situation timely. The previous prediction model based on financial index is difficult to analyze the deep causes of the financial crisis; on the other hand, it does not normalize the information transmission mechanism and warning analysis mechanisms of the financial warning system. From the perspective of corporate governance, when analyzing the financial crisis of listed companies, we should bring the relationship between ownership structure, board structure, management, and financial crisis into warning mechanism, regulate the organization structure of financial crisis warning analysis, collection and transmission mechanism on corporate governance and financial crisis, and financial analysis warning mechanism, and accordingly increase enhance corporate governance.